An employment relationship in which a worker works for and is paid directly by their employer is known as permanent employment.There is no predetermined end date for this kind of employment arrangement.
The document discusses different types of employment contracts, including their advantages and disadvantages. Full-time contracts provide benefits like paid leave but require minimum working hours. Part-time contracts have fewer working hours per week but can accommodate students' schedules. Freelance contracts offer flexible hours and independence but come with financial risks. Other contract types covered are temporary, voluntary, casual, hourly paid, and piecework. The document also discusses different methods for recruitment within the creative media sector, such as job centers, newspapers, networking, internet, personal contacts, and word of mouth.
The document discusses employee benefits from the perspective of the five W's: who, what, why, where, and when. It covers which employees receive benefits, what types of benefits employers provide, the reasons employers offer benefits, regulatory considerations around benefits, and when benefits kick in. The document also discusses costs of benefits, alternatives to traditional benefits, and ways employers can review and potentially modify their benefits offerings.
This document provides an overview of various compensation and benefits topics covered in weeks 5 and 6 of an MBA course. It discusses benefits like dental, medical, and vision insurance, as well as life insurance, paid time off, sick leave, extended leave, mental health coverage, and retirement savings options. It also covers topics like merit pay, incentive pay, deferred pay, competency-based pay, skill-based pay, team-based rewards, gainsharing, profit-sharing, and cash payments/allowances. Recreational facilities that some companies provide for employees are also mentioned.
Post completing their education, young candidates have two options: government and private jobs. The major conflict between the two conditions is that private jobs offer better pay while government jobs offer greater stability. Your entire career depends on your final decision and you must choose according to your career goals. Government jobs are usually publicly announced, and evaluated by a written examination and an interview. On the other hand, private jobs require the candidate to apply and attend the interviews. In any case, both kinds of jobs have different requirements, benefits and disadvantages
Running head EMPLOYEE BENEFITS PROGRAMS .docxtodd271
Running head: EMPLOYEE BENEFITS PROGRAMS 1
EMPLOYEE BENEFITS PROGRAMS 7
Strategic Value of Employee Benefits Programs
Phyllis Spears Jones
Strayer University
HRM599 Capstone
Dr. Gary Wash
June 2, 2020
Strategic Value of Employee Benefits Programs
For a commercial entity to stay competitive in the changing business world, it needs to have a strategic human resource department that acts as a strategic partner to ensure it has the best to gain a competitive advantage. The human resources department, therefore, needs to put itself in a decisive role that helps it to attract and retain highly skilled employees. This is affected by several factors that include types of benefits from the company that accrues to the workers. In other words, employee benefit programs are useful in creating an atmosphere that makes employees more engaged and motivated (Klonoski, 2016). Therefore, for a company to be strategically in terms of competition, the human resources department needs to step away from conventional administrative roles to be a strategic partner who recognizes the value of employee benefit programs and the role they play in generating a significant competitive advantage. This makes it vital to be mindful that an excellent employee benefits package attracts and maintains the skills required to distinguish a company from its competitors. This paper discusses the factors to considers when providing employee benefit programs, compares and contrasts income protection programs, and pays for time not worked programs and other benefits that are necessary for the benefits package.
Factors to Consider Before Providing Employee Benefits Programs
Everyone is aware that rewards are components of an organization's overall incentive package. It is also worth noting that other than the traditional pensions and healthcare plans, employees need a broader choice of benefits that reflect the changing needs and lifestyles (Hagel & White, 2016). It is undeniable that every commercial entity must ensure that it has in place attractive employee compensation packages to attract and retain the talent needed to gain a meaningful competitive advantage. It must, however, be recalled that many essential variables play a crucial role in deciding an economic entity's employee benefits programs. One of these variables is the type of benefits to be provided. Some benefits are too expensive to provide while others are within reach of many business organizations. Therefore, a commercial enterprise must weigh its financial soundness to avoid providing a benefits program that works against its overall objectives.
Another variable to consider is aligning the benefits strategy with the business objectives. The human resource department of an organization must revisit a plan quite regularly to ensure that it meets the changin.
Employment is a relationship between an employer and employee based on a contract where the employee provides services for the employer in exchange for compensation. There are several types of employment relationships including full-time, part-time, casual, fixed-term, apprenticeships/traineeships, and probationary periods. Self-employment occurs when a person generates income directly from customers rather than working as an employee of a business.
The document discusses administration of employee benefits and services, outlining that it is a systematic approach to ensuring employees are paid fairly. It notes some key aspects of benefits administration including deciding fringe benefit policies and budgets, and influencing employee attitudes and satisfaction. Some challenges are identified such as a lack of employee participation and confusion over benefits. The future of benefits is discussed as becoming more complex and tailored to individual needs. Employee leasing is introduced as an arrangement where businesses lease employees through an outside contractor to handle HR functions. Guidelines for creating effective benefit programs are provided such as consulting HR, surveying employee needs, and measuring return on investment.
The documents discuss the elements of a total rewards strategy, including compensation, benefits, performance management, recognition, work-life effectiveness, and development. They describe different types of direct and indirect compensation as well as the purpose and types of performance management systems. The documents also outline the stages of an effective performance management system.
The document discusses different types of employment contracts, including their advantages and disadvantages. Full-time contracts provide benefits like paid leave but require minimum working hours. Part-time contracts have fewer working hours per week but can accommodate students' schedules. Freelance contracts offer flexible hours and independence but come with financial risks. Other contract types covered are temporary, voluntary, casual, hourly paid, and piecework. The document also discusses different methods for recruitment within the creative media sector, such as job centers, newspapers, networking, internet, personal contacts, and word of mouth.
The document discusses employee benefits from the perspective of the five W's: who, what, why, where, and when. It covers which employees receive benefits, what types of benefits employers provide, the reasons employers offer benefits, regulatory considerations around benefits, and when benefits kick in. The document also discusses costs of benefits, alternatives to traditional benefits, and ways employers can review and potentially modify their benefits offerings.
This document provides an overview of various compensation and benefits topics covered in weeks 5 and 6 of an MBA course. It discusses benefits like dental, medical, and vision insurance, as well as life insurance, paid time off, sick leave, extended leave, mental health coverage, and retirement savings options. It also covers topics like merit pay, incentive pay, deferred pay, competency-based pay, skill-based pay, team-based rewards, gainsharing, profit-sharing, and cash payments/allowances. Recreational facilities that some companies provide for employees are also mentioned.
Post completing their education, young candidates have two options: government and private jobs. The major conflict between the two conditions is that private jobs offer better pay while government jobs offer greater stability. Your entire career depends on your final decision and you must choose according to your career goals. Government jobs are usually publicly announced, and evaluated by a written examination and an interview. On the other hand, private jobs require the candidate to apply and attend the interviews. In any case, both kinds of jobs have different requirements, benefits and disadvantages
Running head EMPLOYEE BENEFITS PROGRAMS .docxtodd271
Running head: EMPLOYEE BENEFITS PROGRAMS 1
EMPLOYEE BENEFITS PROGRAMS 7
Strategic Value of Employee Benefits Programs
Phyllis Spears Jones
Strayer University
HRM599 Capstone
Dr. Gary Wash
June 2, 2020
Strategic Value of Employee Benefits Programs
For a commercial entity to stay competitive in the changing business world, it needs to have a strategic human resource department that acts as a strategic partner to ensure it has the best to gain a competitive advantage. The human resources department, therefore, needs to put itself in a decisive role that helps it to attract and retain highly skilled employees. This is affected by several factors that include types of benefits from the company that accrues to the workers. In other words, employee benefit programs are useful in creating an atmosphere that makes employees more engaged and motivated (Klonoski, 2016). Therefore, for a company to be strategically in terms of competition, the human resources department needs to step away from conventional administrative roles to be a strategic partner who recognizes the value of employee benefit programs and the role they play in generating a significant competitive advantage. This makes it vital to be mindful that an excellent employee benefits package attracts and maintains the skills required to distinguish a company from its competitors. This paper discusses the factors to considers when providing employee benefit programs, compares and contrasts income protection programs, and pays for time not worked programs and other benefits that are necessary for the benefits package.
Factors to Consider Before Providing Employee Benefits Programs
Everyone is aware that rewards are components of an organization's overall incentive package. It is also worth noting that other than the traditional pensions and healthcare plans, employees need a broader choice of benefits that reflect the changing needs and lifestyles (Hagel & White, 2016). It is undeniable that every commercial entity must ensure that it has in place attractive employee compensation packages to attract and retain the talent needed to gain a meaningful competitive advantage. It must, however, be recalled that many essential variables play a crucial role in deciding an economic entity's employee benefits programs. One of these variables is the type of benefits to be provided. Some benefits are too expensive to provide while others are within reach of many business organizations. Therefore, a commercial enterprise must weigh its financial soundness to avoid providing a benefits program that works against its overall objectives.
Another variable to consider is aligning the benefits strategy with the business objectives. The human resource department of an organization must revisit a plan quite regularly to ensure that it meets the changin.
Employment is a relationship between an employer and employee based on a contract where the employee provides services for the employer in exchange for compensation. There are several types of employment relationships including full-time, part-time, casual, fixed-term, apprenticeships/traineeships, and probationary periods. Self-employment occurs when a person generates income directly from customers rather than working as an employee of a business.
The document discusses administration of employee benefits and services, outlining that it is a systematic approach to ensuring employees are paid fairly. It notes some key aspects of benefits administration including deciding fringe benefit policies and budgets, and influencing employee attitudes and satisfaction. Some challenges are identified such as a lack of employee participation and confusion over benefits. The future of benefits is discussed as becoming more complex and tailored to individual needs. Employee leasing is introduced as an arrangement where businesses lease employees through an outside contractor to handle HR functions. Guidelines for creating effective benefit programs are provided such as consulting HR, surveying employee needs, and measuring return on investment.
The documents discuss the elements of a total rewards strategy, including compensation, benefits, performance management, recognition, work-life effectiveness, and development. They describe different types of direct and indirect compensation as well as the purpose and types of performance management systems. The documents also outline the stages of an effective performance management system.
Understanding Unpaid Leave in SingaporeParker adam
Understanding Unpaid Leave in Singapore
In Singapore, sometimes people who have jobs might need to take time off from work without getting paid. This is called unpaid leave, and it's important for both the workers and the bosses to know about it. This article will tell you all about unpaid leave in Singapore, like the different kinds of unpaid leave, who can take it, how long it can be, how to ask for it, and how it can affect the benefits workers get.
This document discusses fringe benefits provided by employers. It defines fringe benefits as various non-salary benefits provided in addition to cash wages that are sometimes exempt from taxation. Common fringe benefits include health insurance, life insurance, retirement plans, education reimbursement, and transportation benefits. The document then provides details on specific fringe benefits such as flexible hours, transportation benefits, bonuses, severance pay, adoption assistance, educational assistance, employee assistance programs, and company vehicles. It concludes with a chart summarizing the tax treatment of various fringe benefits under employment taxes.
Understanding Unpaid Leave in SingaporeParker adam
In Singapore, sometimes people who have jobs might need to take time off from work without getting paid. This is called unpaid leave, and it's important for both the workers and the bosses to know about it. This article will tell you all about unpaid leave in Singapore, like the different kinds of unpaid leave, who can take it, how long it can be, how to ask for it, and how it can affect the benefits workers get.
What is Unpaid Leave?
Unpaid leave means when someone who has a job needs to take time off from work without getting paid. This can happen for different reasons like personal things to take care of, important family events, being sick, or when there's an emergency. It's important for both the boss and the worker to know about unpaid leave so they can follow the rules and keep things fair and happy at work.
Types of Unpaid Leave in Singapore
In Singapore, there are different types of unpaid leave that employees can utilize:
1. No-Pay Leave
No-pay leave means when someone takes time off from work but doesn't get any money for it. People usually take this kind of leave for personal reasons like going on a long trip, taking a break from work, or studying more. It's important to tell the boss ahead of time if you want to take no-pay leave, following the rules and ways of the company.
2. Unpaid Medical Leave
Unpaid medical leave is applicable when an employee needs time off work due to illness or injury but has exhausted their sick leave entitlement. It provides an opportunity for employees to recuperate and receive necessary medical treatment without pay. A valid medical certificate is required to support the need for unpaid medical leave.
3. Maternity and Paternity Unpaid Leave
Maternity and paternity unpaid leave is provided to eligible employees to support the transition to parenthood. Mothers are entitled to paid maternity leave, but if they require additional time off, they can opt for unpaid maternity leave. Fathers, on the other hand, can take unpaid paternity leave to bond with their newborn child.
Read more
Week One Discussion 500 Word Min.This weeks discussion covers .docxhelzerpatrina
Week One Discussion: 500 Word Min.
This week's discussion covers HRD Skill requirements for managers.
Before entering the discussion board, please review pages 16 - 19 in the course text. (Pictures Below)
Question:“What are the core competencies or skills an HRD manager must have, and how are they acquired? “
Week One
Discussion
:
500 Word Min.
This week's discussion covers HRD Skill requirements for managers.
Before entering the discussion board, please review pages 16
-
19 in the course text
.
(Pictures Below)
Question:
“What
are the core competencies or skills an HRD manager must have, and how are they acquired
?
“
Week One Discussion: 500 Word Min.
This week's discussion covers HRD Skill requirements for managers.
Before entering the discussion board, please review pages 16 - 19 in the course text. (Pictures Below)
Question: “What are the core competencies or skills an HRD manager must have, and how are they acquired? “
MHR 6901, Compensation Management 1
Course Learning Outcomes for Unit VI
Upon completion of this unit, students should be able to:
5. Explain workers’ compensation.
5.1 Convince others that executive compensation is too high or is just right.
5.2 Identify compensation rules that apply to the flexible workforce.
Course/Unit
Learning Outcomes
Learning Activity
5.1 Unit VI Essay
5.2 Unit VI Quiz
Reading Assignment
Chapter 11: Compensating Executives
Chapter 12: Compensating the Flexible Workforce: Contingent Employees and Flexible Work Schedules
Unit Lesson
So far in this course, we have talked about how compensation is used and the components of a
compensation system. Let us review these a bit before we move into compensating executives.
Typically, compensation is used to recruit and retain highly qualified employees. The organization’s business
strategy (lead, lag, or match strategy) determines how the organization recruits and retains employees. A
good compensation system also increases morale or at least maintains employee satisfaction. As mentioned
earlier in the course, compensation systems include wages and benefits. A good compensation system is one
that evaluates the employees’ needs and makes adjustments, where possible, to meet those needs.
Employees who have their needs satisfied are more likely to be productive and loyal to the organization,
which, in turn, reduces costs for the organization. This is great for the average worker, but what about the
organization’s executives? Executive compensation is a challenge for most organizations and is a highly
controversial subject, especially after the government bailouts in 2008 and 2009.
Executive compensation is different than that for most salary or hourly employees and can consist of a variety
of options. It is generally focused on generating profits and long-term growth and is considered contingent
compensation, which means that the pay is structured to reward or pay based on th ...
Compensation, salaries, and wages can be defined as the set of rewards organizations provide to individuals in exchange for their work. It includes direct compensation like base pay and bonuses, as well as indirect compensation like benefits and quality of work life factors. Compensation aims to be adequate, equitable, balanced, cost-effective, secure, incentive-providing, acceptable, and compliant with legal regulations. It is structured through pay grades, pay ranges with minimum, midpoint and maximum rates. Benefits are an important part of total compensation and include mandated benefits, voluntary benefits, and employee services. They are classified and their costs analyzed to understand the overall compensation package.
This document discusses various types of compensation and benefits provided by employers. It outlines direct financial payments like wages as well as indirect payments like health insurance and retirement plans. Benefits can be required by law, such as unemployment insurance, or provided at the employer's discretion, like disability coverage. The document also examines supplemental benefits for time not worked, including unemployment, vacation, sick leave and severance pay. It provides details on common insurance plans and retirement options employers offer to attract and retain employees.
This document discusses various types of incentives and fringe benefits provided by organizations to motivate employees. It outlines different incentive plans like bonuses, merit pay, commissions that reward extra performance. It also describes time-based and output-based incentive plans. The document then discusses various fringe benefits like employment security, health protection, retirement benefits, and those promoting personal growth that help attract and retain employees.
Fixed-term contracts offer employers flexibility to hire employees for specific projects or periods of work, but these employees have fewer legal protections than permanent employees. Permanent employees have greater job security through ongoing employment but provide less flexibility, as they cannot easily be dismissed. The document examines the differences between fixed-term and permanent contracts, including benefits and disadvantages of each for both employers and employees to consider when determining employment status.
What Are the Different Types of Employee Leave?RalfHeyer
Every employee deserves to have time away from the job in which they can pursue activities to relax, unwind or do pretty much whatever they want in – provided they’re legal, of course. But for employers, finding a balance between offering paid leave to employees, and keeping their business running smoothly, can be tough.
Indirect pay or compensation refers to non-monetary benefits provided to employees such as paid time off, health insurance, and retirement plans. While indirect compensation aims to attract and retain talent, issues can arise when the benefits do not satisfy employees' needs. This can increase turnover as dissatisfied employees seek other job opportunities. Employers must carefully design competitive indirect compensation packages that meet the needs of a diverse workforce to minimize turnover. Strategies like increased benefit options, flexible work schedules, and ensuring fair treatment among employees can help address issues with indirect compensation.
Compensation Dimensions (Payment for Work and Performance, Payment for Non-working Days, Loss of Job Income Continuation Benefit, Disability Income Continuation Benefit, Deferred Income, Spouse/Family Income Continuation Benefit, Health, Accident and Liability Protection, Income Equivalent Payments)
Paid time off is a human resource management (HRM) policy that gives employees a set of bankable hours that they can use for whatever they like. PTO, which stands for personal time off, is commonly used to indicate any length of time an employee gets paid while on vacation from work.
Several scam websites have been suspended that were misleading people about accessing their pension funds before age 55. The National Crime Agency has suspended around 18 pension scam websites as well as those using text messages and cold calls. Normally people cannot access pensions before 55 unless seriously ill, but scammers were enticing people to access funds early against the rules. Managing frozen pension plans still requires active management and planning like active plans, reviewing strategies for funding, investments, benefits and finances. Pension plans may be frozen to minimize total obligations, and companies will need plans for covering shortfalls if underfunded and making lump sum payouts.
Unit V Lesson Notes It is understood that a labor union is an.docxmarilucorr
Unit V: Lesson Notes
It is understood that a labor union is an organization that acts as a filter between its members and the organization in which the members are employed. It has also been identified that the main purpose of labor unions is to give employees the opportunity and power to negotiate for better working conditions, decent wages, and other benefits through collective bargaining. Now that the foundation of collective bargaining has been laid, it is now time to look a little further into some of the issues that employees bargain for.
Whether working in a union or non-union environment, what would be one of your major concerns with employment? When addressing this question, many of you would probably state “compensation/wages” would be the main topic of interest. Sure, there are other perks that you would look for; however, most would not consider employment or would consider leaving current employer for better wages.
According to the textbook, “wages and benefits represent the heart of the collective bargaining process. Guarantee of a certain standard of living and a reasonable return for their productive efforts is the major concern for most union members” (Carrell & Heavrin, 2013, p. 278). This second part of this statement can be said to be true for non-union workers as well. Although there are similarities among non-union and union environments, there are differences in how wages and benefits are determined and implemented.
Non-Union Environment: Most non-union employees do not have the opportunity to negotiate their wages. Most of these organizations have a set pay rate or pay range for all positions. Many organizations conduct job analysis and job evaluations to determine appropriate pay rates. When offered a job, some may try to negotiate on the front end with the hiring manager and/or human resources a certain pay rate. Sometimes, the employee does succeed and the organization may meet the applicant half-way or offer a little more to display true interest in the applicant. However, there are some organizations that will not budge and the applicant would be forced to accept or decline the offer. Even if the applicant does accept the offer, there may be limits on how often raises are given or if they are given at all. Based on experience, sometimes the applicant will accept the job and continue to look at organizations that offer better wages and benefits. Unlike union environments, wages can also differ tremendously among individuals who have the same job title and perform the same duties. This can have a major impact on the organization.
Union Environment: Wages within union environments are negotiated. Pay rates/ranges, along with pay raises, are determined and outlined within the collective bargaining agreement. The pay rates/ranges are set for each job covered under the agreement. Many organizations will conduct job evaluations, wage surveys, and other methods when making wage decisions. Management must look ...
There are several disadvantages to temporary agency work including lack of job security, lack of benefits like health insurance, and lower pay. Temporary workers can be let go more easily than permanent employees. They also may not be covered under an employer's health and safety insurance if injured on the job. Contract work also has disadvantages like lack of benefits, need to constantly find new work, and potentially being seen as outsiders by permanent employees. Both temporary and contract work provide less stability and protections than permanent employment.
The document discusses compensation plans for sales employees and managers. It states that sales employees receive variable pay based on meeting sales goals, with exceptional performance rewarded higher. Manager incentives are based on profit contribution, customer satisfaction, and employee satisfaction. The document also discusses employee benefits like social security, life insurance, retirement plans, allowances, and recognition programs. It defines job satisfaction as how content an individual is with their job, and lists factors like communication, relationships with supervisors, personality, and well-being as influences.
The document discusses employee benefits and services. It outlines various types of benefits like supplemental pay, insurance, retirement benefits, and employee services. It notes that benefits can improve business by increasing loyalty, productivity, and recruitment. Pakistani law requires benefits like paid leave, maternity leave, sick leave, and death grants. Large companies offer robust benefits packages covering health, wellness, financial, and family support. Flexible work arrangements and employee services aim to enhance work-life balance. Overall, benefits are important for employee welfare and organizational productivity.
artificial intelligence as any task performed by a machine that would have previously been considered to require human intelligence. That's obviously a fairly broad definition, which is why you will sometimes see arguments over whether something is truly AI or not
career development has seen a shift in the way it is approached. Traditionally, it was up to an organization to ensure that its employees had the skills to meet the company’s long-term goals. Now, however, employees advocate that they are—and should be—responsible for their own career development.
Understanding Unpaid Leave in SingaporeParker adam
Understanding Unpaid Leave in Singapore
In Singapore, sometimes people who have jobs might need to take time off from work without getting paid. This is called unpaid leave, and it's important for both the workers and the bosses to know about it. This article will tell you all about unpaid leave in Singapore, like the different kinds of unpaid leave, who can take it, how long it can be, how to ask for it, and how it can affect the benefits workers get.
This document discusses fringe benefits provided by employers. It defines fringe benefits as various non-salary benefits provided in addition to cash wages that are sometimes exempt from taxation. Common fringe benefits include health insurance, life insurance, retirement plans, education reimbursement, and transportation benefits. The document then provides details on specific fringe benefits such as flexible hours, transportation benefits, bonuses, severance pay, adoption assistance, educational assistance, employee assistance programs, and company vehicles. It concludes with a chart summarizing the tax treatment of various fringe benefits under employment taxes.
Understanding Unpaid Leave in SingaporeParker adam
In Singapore, sometimes people who have jobs might need to take time off from work without getting paid. This is called unpaid leave, and it's important for both the workers and the bosses to know about it. This article will tell you all about unpaid leave in Singapore, like the different kinds of unpaid leave, who can take it, how long it can be, how to ask for it, and how it can affect the benefits workers get.
What is Unpaid Leave?
Unpaid leave means when someone who has a job needs to take time off from work without getting paid. This can happen for different reasons like personal things to take care of, important family events, being sick, or when there's an emergency. It's important for both the boss and the worker to know about unpaid leave so they can follow the rules and keep things fair and happy at work.
Types of Unpaid Leave in Singapore
In Singapore, there are different types of unpaid leave that employees can utilize:
1. No-Pay Leave
No-pay leave means when someone takes time off from work but doesn't get any money for it. People usually take this kind of leave for personal reasons like going on a long trip, taking a break from work, or studying more. It's important to tell the boss ahead of time if you want to take no-pay leave, following the rules and ways of the company.
2. Unpaid Medical Leave
Unpaid medical leave is applicable when an employee needs time off work due to illness or injury but has exhausted their sick leave entitlement. It provides an opportunity for employees to recuperate and receive necessary medical treatment without pay. A valid medical certificate is required to support the need for unpaid medical leave.
3. Maternity and Paternity Unpaid Leave
Maternity and paternity unpaid leave is provided to eligible employees to support the transition to parenthood. Mothers are entitled to paid maternity leave, but if they require additional time off, they can opt for unpaid maternity leave. Fathers, on the other hand, can take unpaid paternity leave to bond with their newborn child.
Read more
Week One Discussion 500 Word Min.This weeks discussion covers .docxhelzerpatrina
Week One Discussion: 500 Word Min.
This week's discussion covers HRD Skill requirements for managers.
Before entering the discussion board, please review pages 16 - 19 in the course text. (Pictures Below)
Question:“What are the core competencies or skills an HRD manager must have, and how are they acquired? “
Week One
Discussion
:
500 Word Min.
This week's discussion covers HRD Skill requirements for managers.
Before entering the discussion board, please review pages 16
-
19 in the course text
.
(Pictures Below)
Question:
“What
are the core competencies or skills an HRD manager must have, and how are they acquired
?
“
Week One Discussion: 500 Word Min.
This week's discussion covers HRD Skill requirements for managers.
Before entering the discussion board, please review pages 16 - 19 in the course text. (Pictures Below)
Question: “What are the core competencies or skills an HRD manager must have, and how are they acquired? “
MHR 6901, Compensation Management 1
Course Learning Outcomes for Unit VI
Upon completion of this unit, students should be able to:
5. Explain workers’ compensation.
5.1 Convince others that executive compensation is too high or is just right.
5.2 Identify compensation rules that apply to the flexible workforce.
Course/Unit
Learning Outcomes
Learning Activity
5.1 Unit VI Essay
5.2 Unit VI Quiz
Reading Assignment
Chapter 11: Compensating Executives
Chapter 12: Compensating the Flexible Workforce: Contingent Employees and Flexible Work Schedules
Unit Lesson
So far in this course, we have talked about how compensation is used and the components of a
compensation system. Let us review these a bit before we move into compensating executives.
Typically, compensation is used to recruit and retain highly qualified employees. The organization’s business
strategy (lead, lag, or match strategy) determines how the organization recruits and retains employees. A
good compensation system also increases morale or at least maintains employee satisfaction. As mentioned
earlier in the course, compensation systems include wages and benefits. A good compensation system is one
that evaluates the employees’ needs and makes adjustments, where possible, to meet those needs.
Employees who have their needs satisfied are more likely to be productive and loyal to the organization,
which, in turn, reduces costs for the organization. This is great for the average worker, but what about the
organization’s executives? Executive compensation is a challenge for most organizations and is a highly
controversial subject, especially after the government bailouts in 2008 and 2009.
Executive compensation is different than that for most salary or hourly employees and can consist of a variety
of options. It is generally focused on generating profits and long-term growth and is considered contingent
compensation, which means that the pay is structured to reward or pay based on th ...
Compensation, salaries, and wages can be defined as the set of rewards organizations provide to individuals in exchange for their work. It includes direct compensation like base pay and bonuses, as well as indirect compensation like benefits and quality of work life factors. Compensation aims to be adequate, equitable, balanced, cost-effective, secure, incentive-providing, acceptable, and compliant with legal regulations. It is structured through pay grades, pay ranges with minimum, midpoint and maximum rates. Benefits are an important part of total compensation and include mandated benefits, voluntary benefits, and employee services. They are classified and their costs analyzed to understand the overall compensation package.
This document discusses various types of compensation and benefits provided by employers. It outlines direct financial payments like wages as well as indirect payments like health insurance and retirement plans. Benefits can be required by law, such as unemployment insurance, or provided at the employer's discretion, like disability coverage. The document also examines supplemental benefits for time not worked, including unemployment, vacation, sick leave and severance pay. It provides details on common insurance plans and retirement options employers offer to attract and retain employees.
This document discusses various types of incentives and fringe benefits provided by organizations to motivate employees. It outlines different incentive plans like bonuses, merit pay, commissions that reward extra performance. It also describes time-based and output-based incentive plans. The document then discusses various fringe benefits like employment security, health protection, retirement benefits, and those promoting personal growth that help attract and retain employees.
Fixed-term contracts offer employers flexibility to hire employees for specific projects or periods of work, but these employees have fewer legal protections than permanent employees. Permanent employees have greater job security through ongoing employment but provide less flexibility, as they cannot easily be dismissed. The document examines the differences between fixed-term and permanent contracts, including benefits and disadvantages of each for both employers and employees to consider when determining employment status.
What Are the Different Types of Employee Leave?RalfHeyer
Every employee deserves to have time away from the job in which they can pursue activities to relax, unwind or do pretty much whatever they want in – provided they’re legal, of course. But for employers, finding a balance between offering paid leave to employees, and keeping their business running smoothly, can be tough.
Indirect pay or compensation refers to non-monetary benefits provided to employees such as paid time off, health insurance, and retirement plans. While indirect compensation aims to attract and retain talent, issues can arise when the benefits do not satisfy employees' needs. This can increase turnover as dissatisfied employees seek other job opportunities. Employers must carefully design competitive indirect compensation packages that meet the needs of a diverse workforce to minimize turnover. Strategies like increased benefit options, flexible work schedules, and ensuring fair treatment among employees can help address issues with indirect compensation.
Compensation Dimensions (Payment for Work and Performance, Payment for Non-working Days, Loss of Job Income Continuation Benefit, Disability Income Continuation Benefit, Deferred Income, Spouse/Family Income Continuation Benefit, Health, Accident and Liability Protection, Income Equivalent Payments)
Paid time off is a human resource management (HRM) policy that gives employees a set of bankable hours that they can use for whatever they like. PTO, which stands for personal time off, is commonly used to indicate any length of time an employee gets paid while on vacation from work.
Several scam websites have been suspended that were misleading people about accessing their pension funds before age 55. The National Crime Agency has suspended around 18 pension scam websites as well as those using text messages and cold calls. Normally people cannot access pensions before 55 unless seriously ill, but scammers were enticing people to access funds early against the rules. Managing frozen pension plans still requires active management and planning like active plans, reviewing strategies for funding, investments, benefits and finances. Pension plans may be frozen to minimize total obligations, and companies will need plans for covering shortfalls if underfunded and making lump sum payouts.
Unit V Lesson Notes It is understood that a labor union is an.docxmarilucorr
Unit V: Lesson Notes
It is understood that a labor union is an organization that acts as a filter between its members and the organization in which the members are employed. It has also been identified that the main purpose of labor unions is to give employees the opportunity and power to negotiate for better working conditions, decent wages, and other benefits through collective bargaining. Now that the foundation of collective bargaining has been laid, it is now time to look a little further into some of the issues that employees bargain for.
Whether working in a union or non-union environment, what would be one of your major concerns with employment? When addressing this question, many of you would probably state “compensation/wages” would be the main topic of interest. Sure, there are other perks that you would look for; however, most would not consider employment or would consider leaving current employer for better wages.
According to the textbook, “wages and benefits represent the heart of the collective bargaining process. Guarantee of a certain standard of living and a reasonable return for their productive efforts is the major concern for most union members” (Carrell & Heavrin, 2013, p. 278). This second part of this statement can be said to be true for non-union workers as well. Although there are similarities among non-union and union environments, there are differences in how wages and benefits are determined and implemented.
Non-Union Environment: Most non-union employees do not have the opportunity to negotiate their wages. Most of these organizations have a set pay rate or pay range for all positions. Many organizations conduct job analysis and job evaluations to determine appropriate pay rates. When offered a job, some may try to negotiate on the front end with the hiring manager and/or human resources a certain pay rate. Sometimes, the employee does succeed and the organization may meet the applicant half-way or offer a little more to display true interest in the applicant. However, there are some organizations that will not budge and the applicant would be forced to accept or decline the offer. Even if the applicant does accept the offer, there may be limits on how often raises are given or if they are given at all. Based on experience, sometimes the applicant will accept the job and continue to look at organizations that offer better wages and benefits. Unlike union environments, wages can also differ tremendously among individuals who have the same job title and perform the same duties. This can have a major impact on the organization.
Union Environment: Wages within union environments are negotiated. Pay rates/ranges, along with pay raises, are determined and outlined within the collective bargaining agreement. The pay rates/ranges are set for each job covered under the agreement. Many organizations will conduct job evaluations, wage surveys, and other methods when making wage decisions. Management must look ...
There are several disadvantages to temporary agency work including lack of job security, lack of benefits like health insurance, and lower pay. Temporary workers can be let go more easily than permanent employees. They also may not be covered under an employer's health and safety insurance if injured on the job. Contract work also has disadvantages like lack of benefits, need to constantly find new work, and potentially being seen as outsiders by permanent employees. Both temporary and contract work provide less stability and protections than permanent employment.
The document discusses compensation plans for sales employees and managers. It states that sales employees receive variable pay based on meeting sales goals, with exceptional performance rewarded higher. Manager incentives are based on profit contribution, customer satisfaction, and employee satisfaction. The document also discusses employee benefits like social security, life insurance, retirement plans, allowances, and recognition programs. It defines job satisfaction as how content an individual is with their job, and lists factors like communication, relationships with supervisors, personality, and well-being as influences.
The document discusses employee benefits and services. It outlines various types of benefits like supplemental pay, insurance, retirement benefits, and employee services. It notes that benefits can improve business by increasing loyalty, productivity, and recruitment. Pakistani law requires benefits like paid leave, maternity leave, sick leave, and death grants. Large companies offer robust benefits packages covering health, wellness, financial, and family support. Flexible work arrangements and employee services aim to enhance work-life balance. Overall, benefits are important for employee welfare and organizational productivity.
artificial intelligence as any task performed by a machine that would have previously been considered to require human intelligence. That's obviously a fairly broad definition, which is why you will sometimes see arguments over whether something is truly AI or not
career development has seen a shift in the way it is approached. Traditionally, it was up to an organization to ensure that its employees had the skills to meet the company’s long-term goals. Now, however, employees advocate that they are—and should be—responsible for their own career development.
HTML (Hypertext Markup Language) is the standard markup language used to create web pages. It uses tags to structure paragraphs, headings, links and other content. HTML documents are made up of elements consisting of opening and closing tags that define the structure and layout of a webpage. Common elements include block-level elements that start on a new line, like headings, and inline elements that style text within blocks, like links. While HTML has limitations as a static language, it has remained widely used due to its accessibility, support and flexibility working with other technologies.
It's a definition under which modern AI-powered systems, such as virtual assistants, would be characterised as having demonstrated 'narrow AI', the ability to generalise their training when carrying out a limited set of tasks, such as speech recognition or computer vision.
Contingent staffing has become the choice of many businesses in recent years when they are looking for novel approaches to cost control.In contrast to full-time permanent employees, contractual staffing is the recruitment of employees for short-term employment contracts.
Digital marketing, also called online marketing, is the promotion of brands to connect with potential customers using the internet and other forms of digital communication. This includes not only email, social media, and web-based advertising, but also text and multimedia messages as a marketing channel.
An employment relationship in which a worker works for and is paid directly by their employer is known as permanent employment.There is no predetermined end date for this kind of employment arrangement.
Programming testing is the method involved with assessing and confirming that a product item or application does what it should do. The advantages of testing incorporate forestalling bugs, lessening improvement costs and further developing execution.
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Training and development is vital part of the human resource development. It is assuming ever important role in wake of the advancement of technology which has resulted in ever increasing competition, rise in customer’s expectation of quality and service and a subsequent need to lower costs
It's a definition under which modern AI-powered systems, such as virtual assistants, would be characterised as having demonstrated 'narrow AI', the ability to generalise their training when carrying out a limited set of tasks, such as speech recognition or computer vision
It is the HRP process which helps the management of the organization in meeting the future demand of human resource in the organization with the supply of the appropriate people in appropriate numbers at the appropriate time and place.
career development has seen a shift in the way it is approached. Traditionally, it was up to an organization to ensure that its employees had the skills to meet the company’s long-term goals. Now, however, employees advocate that they are—and should be—responsible for their own career development
Programming testing is the method involved with assessing and confirming that a product item or application does what it should do. The advantages of testing incorporate forestalling bugs, lessening improvement costs and further developing execution.
A data warehouse is a focal vault of data that can be dissected to settle on additional educated choices. Information streams into an data warehouse from value-based frameworks, social data sets, and different sources, commonly on a customary rhythm. Business investigators, information engineers, information researchers, and leaders access the information through business insight (BI) apparatuses, SQL clients, and other examination applications.
A data warehouse is a focal vault of data that can be dissected to settle on additional educated choices. Information streams into an data warehouse from value-based frameworks, social data sets, and different sources, commonly on a customary rhythm. Business investigators, information engineers, information researchers, and leaders access the information through business insight (BI) apparatuses, SQL clients, and other examination applications
A management system is a systematic view of the organization to define how it creates and retains customers. This is why, to define a management system, we have to look at the organization from a systematic perspective. Since multiple elements influence a management system, having a systematic perspective will help pick us out of those elements that influence the management system.
HTML stands for HyperText Markup Language. It is a standard markup language for web page creation. It allows the creation and structure of sections, paragraphs, and links using HTML elements (the building blocks of a web page) such as tags and attributes.
A management system is a systematic view of the organization to define how it creates and retains customers. This is why, to define a management system, we have to look at the organization from a systematic perspective. Since multiple elements influence a management system, having a systematic perspective will help pick us out of those elements that influence the management system.
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1. What is a Employment Relationship?
An employment relationship in which a worker works for and is
paid directly by their employer is
known as permanent employment.There is no predetermined
end date for this kind of employment
arrangement.The Bureau of Labor Statistics defines a
permanent employee as an employee who
works 35 or more hours per week. Permanent employees can
work part-time or full-time.Regardless
of whether they are employed full-time or part-time,
permanent workers frequently receive benefit
packages from their employers.Benefits of permanent
employment The following are some of the
benefits of permanent employment:Paid vacation:
Permanent employees frequently have the option to take paid
time off for personal reasons like
vacations, illness, or parental leave.
The position you hold at the company and the length of time
you have worked there may affect how
much time off you get.Additionally, holidays like Independence
Day and Thanksgiving are frequently
covered by paid time off.Insurance provided by the employer:
Permanent employment typically provides health insurance
coverage for which the employer shares
the cost of the premium.In most cases, the group health
coverage provided by your employer allows
you to select from a variety of plans.Worker's compensation
insurance, life insurance, and disability
2. insurance are among the other types of insurance that
employers may provide.
Pensions and benefits for retirement:
Additionally, you frequently have access to 401(k) plans, which
you can fund with a portion of each
paycheck.Your employer may match your contributions up to a
certain limit at times.A pension plan
that is funded by the employer is yet another option.The
employer will regularly draw from your
pension when you retire.
Career advancement:
Workers might offer preparation or expert improvement open
doors for their full-time
representatives.These resources can help you advance
professionally and improve your work
skills.Because they demonstrate that your employer values you
and wants to see you succeed, these
opportunities may even increase your level of enjoyment at
work.
Chances for advancement:
You can use your work experiences and relationships as a
permanent employee to get
promotions.Additionally, you may have access to people or
resources that can assist you in achieving
your career objectives and advancing more easily or quickly.
3. Capabilities for networking:
You may find it easier to develop both professional and
personal relationships with your coworkers
because you work with the same people every day, frequently
in the same location.In addition to
meeting your social needs, these relationships have the
potential to expand your network.
Your coworkers can assist you in connecting with opportunities
both within and outside your
organization.Predictable schedule:While some individuals
appreciate having a regular work schedule,
others appreciate the flexibility that comes with freelance
work.You can effectively plan your days
and strike a balance between work and home life by knowing
precisely when you need to be at work
frequently.a sense of safety:
Because your employment does not have a predetermined end
date, knowing that you have a place to work every day can be a
source of relief.You also gain financial security because you
know you'll get paid on time, which lets you make big plans or
decisions about money.The following are some of the ways that
a permanent employment position differs from other types of
employment, such as contract or temporary employees:
4. Unlike a temporary or contract employee, who is hired to
perform a job for a predetermined amount
of time, a permanent employee does not have a predetermined
end date for their employment.
Duration of a temporary job should not exceed one
year.Independent contractors, who work for an
organization until the project is finished, can also be hired by
businesses.There are some contract and
temporary jobs that let you become a permanent
employee.The temporary worker may be hired
permanently or continue working for a longer period of time,
such as three to six months, depending
on the circumstances.
Employing process When an association is recruiting for a
stable situation, the
cycle could longer as associations at any point enlist and
interview up-and-comers.They may conduct
multiple rounds of interviews to determine whether candidates
not only meet the job requirements
but also fit the company's culture.Candidates may also be
examined by employers to ascertain
whether or not they possess the capacity to advance within the
company and make significant
contributions to the accomplishment of team or organizational
objectives.
When businesses employ contract or temporary workers, they
typically need to fill a specific role or need for a specific amount
5. of time.Because the employer wants the employee to start
working as soon as possible, they shorten the interview
process.Because there isn't much of a working relationship,
they mostly focus on
candidates' ability to do the job's specific tasks.
Additionally, employers do not have to look for candidates
themselves because they can select them
from a pool provided by the staffing agency because temporary
workers are typically hired through a
staffing agency.Benefits for permanent workers Permanent
workers have access to all of their
employers' direct benefits, which typically include retirement
and insurance plans.Staffing companies
hire temporary or contract workers to do work for another
company.
These workers do not have access to the company's benefits,
but their staffing agency might be able
to get them health insurance or a 401(k) plan.Since some
independent contractors may be self-
employed, they are accountable for their own health insurance
and other benefits.Contrary to
permanent employees, contract or temporary employees are
not compensated for time off for
personal reasons or holidays.Salary Permanent employees
either receive a salary or hourly
wages.They are compensated according to an hourly rate for
each hour they work in a week.However,
regardless of how many hours they put in, salaried employees
are paid a predetermined sum.Weekly,
biweekly, or monthly paychecks are how they get paid.